Michigan State University has agreed to a $500m (£370.4m) settlement with hundreds of victims of disgraced doctor Larry Nassar.

The agreement with the lawyers representing 332 women and girls was a "global settlement," the university said.

It resolved claims against faculty and staff employed at the school who were also implicated in the wide-ranging scandal.

"It is the sincere hope of all of the survivors that the legacy of this settlement will be far reaching institutional reform that will end the threat of sexual assault in sports, schools and throughout our society," attorney John Manly, who represents many of the victims, said in a statement.

The settlement is in two parts, with $425m paid to current claimants and $75m set aside in a trust fund for any future claims.

The settlement - which was announced on Wednesday following private negotiations between MSU and lawyers for the victims, with the help of a mediator - applies solely to the university and MSU individuals sued in the litigation, and does not address claims against USA Gymnastics, the United States Olympic Committee or other parties.

Nassar, 54, had pleaded guilty in February to sexually abusing girls when they sought treatment for injuries at Twistars, a gymnastics club in Michigan.

The disgraced doctor was already going to spend the rest of his life in jail for two previous sentences: between 40 and 175 years on a separate but related case in a different county, as well as 60 years in federal prison for child abuse images.